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Published Sep 16, 2020

The #1 SKILL Every SUCCESSFUL Entrepreneur MUST HAVE (Explained!)| Guy Raz & Lewis Howes

Entrepreneur Guy Raz unveils the critical skill of embracing failure for entrepreneurial success, spotlighting purpose-driven work over profit. His insights redefine greatness with a focus on kindness, responsibility, and balancing ambition with personal values to create a lasting impact.
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  • Resilience

    Resilience is a cornerstone of entrepreneurial success. explains that the ability to get back up after being knocked down is crucial for entrepreneurs. He notes that while not all successful entrepreneurs are book smart or charismatic, they all share the ability to withstand rejection and keep grinding through challenges 1. This resilience is often developed through repeated failures, which believes are fundamental to growth 2.

    Failure and failing is crucial to growth. It's absolutely fundamentally crucial. It's like a part of you has to be defeated in order to be reborn in a stronger way.

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    Learning to harness the energy from failures can fuel an entrepreneur's drive to succeed.

       

    Rejection

    Dealing with rejection is another critical skill for entrepreneurs. shares stories of entrepreneurs like Topeo Otana, founder of Calendly, who faced numerous rejections before finding success 3. He also highlights the unique resilience developed by Mormon missionaries, who spend two years knocking on doors and facing rejection, making them well-equipped for entrepreneurial challenges 4.

    They send their 18 year olds to a country around the world and they say, go live somewhere for two years and get as many converts as you can. You're going to have to knock on 1000 doors to get 5-10 people to accept the Book of Mormon.

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    This exposure to rejection helps build the mental toughness needed to persist in business.

       

    Failure

    Failure is not just inevitable but essential for growth. recounts his own experiences of perceived failures, such as leaving the news side of NPR to start a podcast, which ultimately led to greater success 5. He and discuss how embracing failure and finding its higher purpose can lead to unexpected opportunities 6.

    Criticism is really important. I think giving criticism is hard. I don't think a lot of people are good at it, especially in the era of social media. Criticism is really actually abuse. Right. But constructive criticism is great and super helpful.

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    Understanding that failure is a part of the journey can help entrepreneurs stay motivated and resilient.

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